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研究生:陳英儒
研究生(外文):Yin-Ju Chen
論文名稱:我國證券發行人財務資訊揭露相關法規之研究:資訊提供者與使用者看法之比較
指導教授:杜榮瑞杜榮瑞引用關係蔡彥卿蔡彥卿引用關係
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2000
畢業學年度:89
語文別:中文
中文關鍵詞:資訊揭露
相關次數:
  • 被引用被引用:14
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  • 下載下載:69
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資本市場中的資訊不對稱(information asymmetry)包括投資者間的資訊不對稱以及管理階層與投資者間的資訊不對稱,不僅不利於資本市場之流動性,也對交易的公平性有負面的影響,因此長久以來,資訊不對稱及其產生之影響始終是財務報導理論探討的重點。
財務報導(financial reporting)包括財務報表(financial statements)與財務資訊揭露(financial disclosures)。財務資訊揭露由於可傳達財務報表數字無法傳達之軟性資訊(soft data),逐漸受到財務報導使用者的重視。而應揭露何種資訊,除了學理上的探討與研究,亦受到財務報導環境成員的影響,包括財務資訊的提供者、使用者與管理者。
我國證券交易法對公開發行公司之資訊揭露規定中,主要的書表包括財務報告、年報以及公開說明書,證券暨期貨管理委員會在證券交易法的授權下,分別訂有準則規範應揭露之資訊。這些規定各有其時空背景,有的已年久失修或有待增補,各準則間亦有重複、不一致之處,致使資訊提供者與使用者不易了解。這些與資訊揭露相關之函令,實有必要加以檢討與整合。至於應如何修正,必須考慮資訊提供者與資訊使用者的成本及效益。
本研究藉由檢討我國資訊揭露相關規定,探討我國財務報導環境成員對於資訊揭露現有規定與改進建議看法的一致性,並對資訊揭露相關法規做出修正建議。
Information asymmetries, including those between investors and between management and investors, have negative effects on the liquidity and transaction equity in the capital market. Therefore, information asymmetry and the effects thereof have been the focus of financial reporting theory for a long time.
Financial statement and financial disclosure are two important elements of financial reporting. Because soft data provides information that financial statements cannot provide, the importance of financial disclosures has become recognized by financial statement users.
In Taiwan, the primary regulations on information disclosure promulgated by the Securities and Futures Commission are about financial statements, annual report to shareholders, and prospectus. These regulations have different backgrounds and need a thorough review and revision to eliminate the duplication or inconsistency and to improve the understandability. This thesis argues that the costs and benefits, arising from information disclosure, to members of the financial reporting environment should be taken into consideration when designing or revising these regulations.
This thesis reviewed the regulations on information disclosure, empirically examined the consistency of opinions on the regulations among members in the financial reporting environment, and finally made suggestions to the revision of these regulations.
摘要I
AbstractII
圖目錄IV
表目錄V
第一章 緒論1
第一節 研究動機1
第二節 研究問題2
第三節 研究結構3
第二章 文獻探討4
第一節 財務資訊揭露相關理論4
第二節 財務報導環境7
第三節 財務資訊揭露提供者與使用者之成本效益12
第四節 我國財務資訊揭露相關制度20
第三章 研究方法25
第一節 研究假說26
第二節 研究工具28
第三節 問卷調查與分析方法31
第四章 研究結果與分析33
第一節 各群體對我國財務資訊揭露相關規定看法之敘述統計33
第二節 不同群體對於我國財務資訊揭露相關規定看法一致性之檢定50
第五章 結論與建議66
第一節 研究結論66
第二節 研究建議69
參考文獻73
附錄一 研究問卷76
圖目錄
圖3-1 研究流程25
表目錄
表3-2-1 問卷各題組之Cronbach Coefficientα值30
表3-3-1 問卷發出與回函情形彙總表31
表4-2-1 公開發行公司財務經理與會計師之t檢定結果51
表4-2-2 公開行公司財務經理與會計師t檢定結果摘要55
表4-2-3 投信投顧與證券商之t檢定結果57
表4-2-4 投信投顧與證券商t檢定結果摘要60
表4-2-5 資訊提供者與資訊使用者之t檢定結果61
表4-2-6 資訊提供者與資訊使用者t檢定結果摘要65
中文部分:
1.證券交易法。
2.公司募集發行有價證券公開說明書應行記載事項準則,(87)台財證(一)第01457號函。
3.公開發行公司年報應行記載事項準則,(81)台財證(一)第00405號函。
4.證券發行人財務報告編製準則,(88)台財證(六)第01399號函。
5.金成隆、林修葳,「台灣上市公司月盈餘揭露行為之實證研究」,證券市場發展季刊,民國87年,第10卷第3期,頁31-62。
6.黃齊堯,「強制性與自願性會計資訊揭露之信賴度研究─以盈餘預測資訊為探討對象」,國立政治大學會計研究所未出版碩士論文,民國83年。
7.賴英照,證券交易法逐條釋義,第二冊,實用稅務出版社,民國78年。
英文部分
1.Amihud, Y., and Mendelson, H. “Asset Pricing and the Bid-ask Spread.” Journal of Financial Economics, Vol. 17, (1986), pp.223-249.
2.Barrett, M. E. “Financial Reporting Practices Disclosure and Comprehensiveness in an International Comparison.” Journal of Accounting Research. Vol. 14, No. 1(1976), pp10-26.
3.Beaver, W. Financial Reporting:an Accounting Revolution, third edition. Prentice Hall, 1998.
4.Berton, L. “Companies Pressure Accounting Panel to Modify Demands for more Data.” Wall Street Journal (August 1994): A2.
5.Botosan, Christine A. “Disclosure Level and the Cost of Equity Capital.” The Accounting Review (July 1997), pp.323-349.
6.Carmichael, D. R., and Makela, Ben. Corporate Financial Reporting: The Benefits and Problems of Disclosure. AICPA, 1976.
7.Chandra, Gyan. “A Study of the Consensus on Disclosure among Public Accountants and Security Analysts.” The Accounting Review (Oct 1974), pp.733-742.
8.Choi, F. D. S. ”Financial Disclosure and Entry to the European Capital Market.” Journal of Accounting Research (Autumn 1973), pp.159-175.
9.Cooke, T. E. “Voluntary Disclosure by Swedish Companies.” Journal of International Financial Management and Accounting, Vol. 1, No. 2(1989), pp.1-25.
10.Cooke, T. E. ”An Assessment of Voluntary Disclosure in the Annual Reports of Japanese Companies.” The International Journal of Accounting, Vol. 26, No. 3(1991), pp.174-189.
11.Diamond, D. W. “Optimal Release of Information by Firms.” The Journal of Finance (September 1985), pp.1071-1094.
12.Diamond, D., and Verrecchia, R. “Disclosure, Liquidity and the Cost of Equity Capital.” The Journal of Finance (September 1991), pp.1325-1360.
13.Elliott, Robert K., and Jacobson, Peter D. “Costs and Benefits of Business Information Disclosure.” Accounting Horizons (December 1994), pp.80-96.
14.Fama, E. F. “Agency Problems and the Theory of the Firm.” Journal of Political Economy, Vol. 88, No. 2(April 1980), pp.288-307.
15.Fama, E. F., and A. B. Lafer. “Information and Capital Markets. The journal of Business, Vol. 44(July 1971), pp.289-298.
16.Financial Accounting Standards Board. Statement of Financial Accounting Concepts No.1: Objectives of Financial Reporting by Business Enterprises. FASB, 1978.
17.Firth, M. “The Impact of Size, Stock Market Listing, and Auditors on Voluntary Disclosure in Corporate Annual Reports.” Accounting and Business Research, Vol. 9, No. 36(1979), pp.273-280.
18.Healy, P. M., and Palepu, K. G. “The Effects of Firms’ Financial Disclosure Strategies on Stock Prices.” Accounting Horizons (March 1993), pp.1-11.
19.Hicks, Ernest L. “Should the Attest Function Be Expanded?” Corporate Financial Reporting: The Benefits and Problems of Disclosure. AICPA, 1976.
20.Horngren, Charles T. “Implications for Accountants of the Uses of Financial Statements by Security Analysts.” Unpublished doctoral dissertation, University of Chicago, 1954.
21.Hossain, M. H., Perera, B., and Rahman, A. R. “Voluntary Disclosure in the Annual Reports of New Zealand Companies.” Journal of International Financial Management and Accounting, Vol. 6(1995), pp.69-87.
22.Jensen, M.C., and Meckling, W. H. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics, Vol. 3(October 1976), pp.305-360.
23.Keller, Warrack, and Bartel. Statistics for Management and Econometrics, Third edition. Duxbury Press, 1994.
24.Lang, M. H., and Lundholm , R. J. “Corporate Disclosure Policy and Analyst Behavior.” The Accounting Review (October 1996), pp.467-492.
25.Lev, B., and Penman , S. “Voluntary Forecast Disclosure, Non-disclosure, and Stock Prices.” Journal of Accounting Research, Vol. 28(Spring 1990), pp.49-76.
26.Meek, G. K., Roberts, C. B., and Gray, S. J. “Factors Influencing Voluntary Annual Report Disclosures by U.S. and Continental European Multinational Corporations.” Journal of International Business Studies(Autumn 1995), pp.555-571.
27.Murray, Roger. “The Security Markets and the Economic System.” Corporate Financial Reporting: The Benefits and Problems of Disclosure. AICPA, 1976.
28.Mundheim, Robert H. “Trends in SEC Disclosure for Public Corporations” Corporate Financial Reporting: The Benefits and Problems of Disclosure. AICPA, 1976.
29.Nunnally, J. Psychometric Theory. McGraw-Hill, 1967.
30.Roper, Elmo. A Report on What Information People Want About Policies and Financial Conditions of Corporations, Vol. I, The Controllership Foundation, Inc., 1948.
31.Sengupta, Partha. “Corporate Disclosure Quality and the Cost of Debt.” The Accounting Review, Vol. 73(October 1998), pp.459-474.
32.Skinner, D. “Why Firms Voluntarily Disclose Bad News?” Journal of Accounting Research, Vol. 32(Spring 1994), pp.38-60.
33.Stiglitz, J.“Competitiveness versus Pareto Optimality.” Journal of Finance, 1980.
34.Sunder, Shyam. Theory of Accounting and Control. International Thomson Publishing, 1994.
35.Verrecchia, A. “Discretionary Disclosure.” Journal of Accounting and Economics, Vol. 5 (December 1983), pp.179-194.
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